Farmers say they’ll plant more corn, but questions remain
The Agriculture Department’s prospective plantings survey results released Monday indicate farmers intend to plant 97 million acres of corn, 83.5 million acres of soybeans and 44.7 million acres of wheat.
The American Farm Bureau Federation’s Market Intel service said the report “indicates farmers intend to plant 7.3 million more corn acres than in 2019, a projected 8% year-over-year increase. The prospective soybean acres to be planted in 2020 are 1.5 million acres fewer than USDA’s February estimates, but up 7.4 million acres, or 10%, compared to 2019’s significantly low soybean production year of 76.1 million planted acres. Wheat survey results are down 400,000 acres from the February estimates and 600,000 acres less than 2019, a year-over-year decrease of 1%.”
Those changes seem to indicate farmers’ expectations of demand, but Farm Bureau noted, “Given the uncertainty and unprecedented times of COVID-19 in the U.S., producers will decide whether to react to volatile markets or stay the course with their planting intentions. The next crop acreage update for the 2020-2021 marketing year will be USDA’s June 30 acreage report.”